Hey did you know that many millionaires in the United States hold positions as executives / managers or teachers? Survey results show that about 35% of millionaires obtained their wealth working for these two professions. These lucky millionaires didn’t invent the IPAD or the post it or the PC. The majority of these millionaires lived frugally and saved a large portion of their income. The survey results are featured in the millionaire corner blog article listed in the link below. The average time frame that those millionaires achieved this status is 17 years, maybe give or take a few years as results like these are skewed.
All this time I thought that many millionaires were CEO’s, Entertainment Artists, business entrepreneurs and those who inherited money. But I guess we are all shocked by the results of the survey or at least I am. Thirty Five percent of anything is a large portion, so I guess the people who hold those types of positions have the frugal bug down pact. I guess it all depends how you live your life in whatever career path you take, because anybody with enough will power to say no to upgrading life’s needs and wants can enjoy the fruits of their labor.
In addition to this fact did you know that most people can retire from their careers in 14 years if they save 60% of their income, as per the Financialmentor.com? I think saving 60% for retirement is pretty difficult if you have a family and other responsibilities to take care of. Also I think that at times life just gets in the way of things, in my situation in certain years I saved about 20-25% and others years I only saved 10-15%. It takes extreme dedication to effectively reach the 50-60% threshold in savings. Thus only a few can actually say they have achieved that status. If you are one of the lucky few savers who has successfully saved 50% of your income, email me as I would like to interview you for a future post.
If I only had the knowledge and information behind this kind of thinking back when I was in college, I could be very close to retiring. But back then times were different and consumption and spending were in the forefront of everybody’s minds thanks to the credit overload coupled with excessive marketing within our society. Now the cats out of the bag and many people are scaling back, spending less, and living frugally. Maybe it was because of the major recession in 2008 or maybe people are just fed up with debt. I am glad that now we can strive for a better financial future and not be victims to the banks evil system.
Millionaire Article:
http://www.millionairecorner.com/article/who-millionaire-next-door
Comment if you know any special secrets on how you plan on becoming a millionaire?
Want to know the secrets of how you can become a millionaire? http://www.millionairecorner.com/article/millionaire-secrets-success
Rich Uncle EL
Search Results:
- Millionaires
- Millionaire Blog
- How to make a million
- Millionaire Professions
